CC Minutes 01/22/2007 - Laserfiche WebLink

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CASSELBERRY CITY COMMISSION Minutes of January 22, 2007 - Regular Meeting Page 5 of 19 2007 the Triplet Lake Drive and U.S. Highway 17-92 Intersection Improvements Project, as well as the North Winter Park Drive Realignment Project ($4.1 Million) and the Plumosa Avenue Realignment/Signalization Project ($1.2 Million), additional debt will need to be undertaken of$3.5 Million. The analysis retires the existing Series 2003 debt service in Fiscal Year 2009 (original maturity of2012) and the new debt of$3.5 Million in Fiscal Year 20 11. Analysis on the LGOT Fund found it already indebted and to have recurring annual operating expenditures for road repairs and street light utility charges. It is Finance'sjudgement that the City should pay down all the existing debt ($1.8 Million) in Fiscal Year 2007 and then use the rollover fund balance and revenues to pay for annually recurring operating expenditures. The annual LOGT revenues are approximately $400,000 per year and recurring expenditures are over $500,000 per year. Mr. Eugene Miller, Interim City Manager, stated these matters needed to be addressed soon in a workshop as to how to proceed with careful financial planning. Recommendation: The Interim City Manager and the Public Works Director recommended approval of Resolution 07-1752 as presented. Audience Participation: The following individual requested an opportunity to address the City Commission with regard to Resolution 07-1752: I) John Casselberry, 700 South Lost Lake Lane, spoke in opposition to Resolution 07-1752, stating the City Center developer and Target should be at least partially responsible for these improvements that will directly benefit their properties. MOTION: Vice Mayor Doerner moved to approve Resolution 07- 1752, as presented. Motion was seconded by Commissioner Hufford. DISCUSSION: Commissioner Miller stated he appreciated Mr. Glover giving the straight talk on the budget and agreed with the Interim City Manager that a workshop was needed to discuss the City's financial matters. Vice Mayor Doerner stated the City needs to be prudent in its expenditures, but these projects will generate growth of the tax base. Vice Mayor Doerner agreed that the City Commission needs to schedule a workshop once the new City Manager is in place to discuss and get some projects back on track. Commissioner Hufford concurred with Vice Mayor Doerner's comments, and added that she appreciated the financial analysis that was provided. Commissioner Solomon was in favor of scheduling a workshop to discuss the City's financial matters. Mayor Goff stated the Seminole County Property Appraiser will be generating and distributing statistics relating to homesteaded properties, property sales, etc. to the cities over the upcoming year to assist with budget preparations and impacts that pending legislative issues concerning homestead exemptions may have. Motion carried unanimously by voice vote 5 - O.